I-T raids hawala operatives across Delhi, Goa, other states
[ad_1]
The searches have been carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa
The Income Tax Department has recovered money and jewelry value about Rs 5.26 crore after it carried out multi-city raids in opposition to hawala operators and people who put together faux payments, the CBDT stated on Tuesday.
The searches have been carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, Uttarakhand and Goa, it stated.
The motion was carried out in opposition to “a large network of individuals running the racket of entry operation (hawala like operation) and generation of huge cash through fake billing”, officers stated.
During the raids, Rs 2.37 crore money and jewelry value Rs 2.89 crore has been discovered together with 17 financial institution lockers that are but to be searched, the CBDT stated in a press release.
The Central Board of Direct Taxes (CBDT) is the executive authority for the I-T division.
“The search has led to seizure of evidences exposing the entire network of the entry operators, intermediaries, cash handlers, the beneficiaries and the firms and companies involved.
“So far, documents evidencing accommodation entries (hawala) of more than Rs 500 crore have already been found and seized,” it stated.
Several shell entities and corporations have been utilized by the searched entry operators for layering of unaccounted cash and money withdrawals in opposition to faux payments issued and unsecured loans given, the Board stated.
Describing the modus operandi of the tax evasion racket, it stated private employees, workers, associates had been made dummy administrators and companions of those shell entities and all financial institution accounts have been managed and managed by these entry operators.
“Statements of such entry operators, their dummy partners/employees, the cash handlers as well as the covered beneficiaries have also been recorded, clearly validating the entire money trail,” the assertion stated.
“The searched persons were also found to be controller and beneficial owners of several bank accounts and lockers, opened in names of their family members and trusted employees and shell entities, which they were managing in collusion with the bank officials, through the digital media,” it stated.
This is being additional investigated, it added.
The CBDT additional stated the beneficiaries have been discovered to have made large investments in actual property properties in prime cities and in mounted deposits to the tune of a number of hundred crores of rupees.
[ad_2]
